According to recent data, Rockhampton’s property market has shown remarkable resilience, with house prices climbing by about 9%. Interestingly, the average value of homes in Rockhampton has increased, and both auction and private treaty clearance rates have remained strong throughout the year.
This guide created for first homebuyers in early 2024, offers a step-by-step approach to demystify the mortgage process. Thanks to expert insights from Finance First, your experienced mortgage brokers in Rockhampton, you’ll gain a clear understanding.
Read also: First Homeowner’s Guide: Navigating the Australian Property Market
Understanding the Property Market
2024 Started with upbeat on major bank economists forecasting a 3-5% rise in house prices. Last year, home values grew by 8.1%, although this growth varied across different cities. However, affordability pressures and rising borrowing costs may temper the market’s heat.
Despite these challenges, property prices have continued their upward trajectory, albeit more slowly. For the last few months of 2023 and into 2024, the prediction is a 3-5% rise in property prices. Cities like Brisbane, battling tight supply and high demand, have seen significant growth.
This trend implies a tighter monthly budget, as more income will be allocated to mortgage payments. This change highlights the need to understand how the cash rate influences your home loan’s interest rate and your financial planning.
The Home Buying Process
Starting by understanding your financial position and the property market is crucial. Setting a budget early and assessing your credit score are key first steps. These actions help ensure timely bill payments and avoid frequent credit applications, thus maintaining a clean credit history. They also lay the groundwork for your property search and mortgage application.
Consulting with a knowledgeable mortgage broker opens doors to tailored advice and diverse loan options. At Finance First, we focus on providing personalized service, ensuring that we meet each client’s unique needs.
Steps to Homeownership
Initial Consultation
The first step is to discuss your goals, financial situation, and borrowing capacity. This can be done in person, by phone, or online, providing you with a clear understanding of what you can afford. You may be entitled to one of the government First Home Guarantee schemes – your broker will give your clear advice as to your options.
Choosing the Right Loan
Select from various loan types, including variable rate, fixed rate, and guarantor loans, that align with your financial goals
Pre-approval
Once you’ve chosen a lender, your broker will handle the paperwork, leading to a pre-approval. This gives you an idea of your borrowing power and sets you up for the next phase – house hunting.
Building a new home
Purchasing a house & land package can be a smart move for first-time buyers. It often allows access to the First Home Owner Grant (FHOG). Queensland has doubled its First Home Owner Grant to $30,000, helping about 12,000 first-time buyers between now and June 2025. Alternatively, your broker can advise you as to whether an established home would be a better fit for you.
Finding Your Home
With pre-approval in hand, you can confidently search for your dream home within your planned budget. Read more on here.
Finalising the Purchase
After making an offer on a property, your broker will track your application to ensure a smooth process, leading to settlement. The settlement process is the final step where the buyer officially becomes a homeowner.
Conclusion
Purchasing your first home is a process that involves careful preparation, wise choices, and the appropriate assistance. By being aware of the mortgage procedure, selecting the right loan, and using techniques to efficiently manage your mortgage. You are capable of handling this with assurance and comfort. Accept the journey of first homebuyers and safeguard your financial future with the appropriate direction and knowledge.
Partnering with Finance First in Rockhampton
Selecting the right mortgage broker is a pivotal decision for first homebuyers. Finance First can guide you through the entire process with their extensive experience, personalised service, and deep understanding of the local real estate landscape.
Our team is committed to guiding you through every step of your home-buying journey, offering regular mortgage reviews and market insights to ensure your loan continues to meet your evolving needs from initial consultation to final settlement.
Contact us today, our principal John MacMaster has 25+ years experienced mortgage broker to help you get the best finance options for your mortgage and get started on your journey.
Our partnership with our experienced real estate agent Rossana Winters will guide you through finding your dream home. Contact us today to explore how you can purchase and finance your dream home or investment property seamlessly with the combined expertise of Finance First and Realty One Estate.
FOR MORE INFO:
Phone: (07) 4927-7220
Email: john@financefirst.com.au
Address: 3/71 High Street, Berserker, QLD 4701